Week’s In Review: GOP Senator Calls for Comprehensive Cannabis Reform, Criticizes Partial Measures; MAPS Wins FDA Approval for Clinical Trials of Medical Cannabis; Curaleaf Secures Massachusetts’ First Cannabis Research License

LOS ANGELES — Welcome to the far too-exciting world of cannabis and psychedelics, where it’s a tale of two markets with some states doing amazingly well. And some, well…they’re not doing so well (hello New York). Let’s get to it! 

Cannabis Industry Highlights

#1) GOP Senator Calls for Comprehensive Cannabis Reform, Criticizes Partial Measures: In recent discussions on federal cannabis policy, several Republican senators have expressed diverse viewpoints regarding the regulation and legalization of cannabis. Senator Thom Tillis (R-NC) has advocated for treating cannabis similarly to tobacco, emphasizing the need for federal policies that allow a regulated market to develop. He stated, “I think we need to have a policy that treats marijuana just like tobacco…and allow this market to occur.”

#2) MAPS Wins FDA Approval for Clinical Trials of Medical Cannabis: The U.S. Food and Drug Administration (FDA) Division of Psychiatry Products has cleared the Multidisciplinary Association for Psychedelic Studies (MAPS)’ Phase 2 study of smoked cannabis in Veterans for the treatment of PTSD (MJP2) to proceed. Initially placed on partial clinical hold by the FDA in 2021, MJP2 is a randomized, placebo-controlled study of 320 Veterans suffering from moderate to severe PTSD who have previously used cannabis. Funded by the Michigan Veteran Marijuana Research Grant Program, the study is designed to investigate the inhalation of high THC dried cannabis flower, versus placebo cannabis, with the daily dose being self-titrated by participants.

#3) Curaleaf Secures Massachusetts’ First Cannabis Research License: In a significant development for the cannabis industry, Curaleaf Holdings, Inc., a leading multistate operator, has secured Massachusetts’ inaugural cannabis research facility license. The Massachusetts Cannabis Control Commission (CCC) unanimously approved the license for Curaleaf Processing, Inc., a subsidiary of Curaleaf, during its November 14, 2024, meeting.

#4) Distru Secures $6 Million Series A to Expand Cannabis ERP Leadership:  Distru, a enterprise resource planning (ERP) platform serving the cannabis industry, has successfully secured $6 million in a Series A funding round led by Poseidon Investment Management. This strategic investment aims to bolster Distru’s expansion efforts and enhance its suite of products, reinforcing its position as a leading system-of-record for cannabis operators.

#5) French Parkinson’s Patients Indicate Strong Support for Medical Cannabis and CBD Use: A recent study published in Clinical Parkinsonism & Related Disorders reveals that a significant majority of individuals in France diagnosed with Parkinson’s disease (PD) are in favor of utilizing medical cannabis and cannabidiol (CBD) for symptom management. The nationwide online survey, which included 1,136 participants with PD, found that 81.7% expressed support for medical cannabis, while 87.4% were in favor of CBD use.

#6) Willow Biosciences Reports Q3 2024: Willow Biosciences Inc., a biotechnology firm specializing in the industrial production of functional ingredients, has reported its financial results for the third quarter of 2024. The company achieved record revenue of $1.7 million during this period, marking a significant increase from the $674,000 reported in the same quarter of 2023. Despite this revenue growth, Willow Biosciences recorded a net loss of $1.2 million for the quarter.

#7) UK Explores Raising THC Limits for Industrial Hemp to Boost Farming Prospects: The United Kingdom is evaluating a proposal to increase the permissible tetrahydrocannabinol (THC) content in industrial hemp from 0.2% to 0.3%, aligning with standards in the European Union and the United States. This consideration follows a recommendation from the Advisory Council on the Misuse of Drugs (ACMD), which suggests that the potential economic and environmental benefits of this change outweigh the risks.

Psychedelic Sector Update

1#) Cybin Reports 79% Remission in MDD with CYB003, Prepares for Phase 3 Trials: Cybin Inc., has announced promising results from its Phase 2 study of CYB003, a proprietary deuterated psilocybin analog developed for the treatment of major depressive disorder (MDD). The study demonstrated that 79% of patients achieved remission from depression symptoms six weeks after receiving two 12mg doses of CYB003.

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